Hello Snapshotters,
While prices have been stalling this week, institutional interest in crypto remains strong. Tether, the company behind the USDT stablecoin, bought 8,888 BTC on March 31. Meanwhile, Grayscale launched a new crypto investment fund, and crypto asset manager Hashdex launched a spot Bitcoin ETF. In addition, tokenized U.S. Treasuries on-chain have reached $1 billion.
In Crypto.com news, the Adelaide Oval, home of Australian Football League club Adelaide Crows, announced that sports fans and concert-goers at the venue can now pay with crypto via Crypto.com Pay. This marks the first-ever crypto payment integration for a major stadium in Australia.
More details below.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
🇰🇷 Crypto.com App Set to Launch in South Korea
This week, Crypto.com announced plans to launch the Crypto.com App in South Korea on April 29. Customers in South Korea interested in being part of the launch can register their interest here.
🌟 New Spot Bitcoin ETF
Crypto asset manager Hashdex launched its spot Bitcoin ETF, DEFI, which was converted from its Hashdex Bitcoin Futures ETF first launched in September 2022.
🌟 New Crypto Investment Fund
Grayscale launched a new crypto investment fund with exposure to staking crypto tokens. The new fund, named Grayscale Dynamic Income Fund, currently holds Osmosis, Solana, Polkadot, and other tokens.
📈 On-Chain Assets Keep Growing
U.S. Treasuries tokenized on-chain have reached $1 billion. This includes Franklin Templeton’s on-chain money fund (FOBXX), the recently launched BUIDL by BlackRock, and Mountain Protocol’s stablecoin USDM.
💰 Tether Stocks Up on BTC
Tether, the company behind the USDT stablecoin, bought 8,888 BTC on March 31. It now holds 75,354 BTC (worth $5 billion at the time of writing), making it the seventh-largest Bitcoin holder in the world.
🦾 The Big AI Token Merger
Three decentralized AI protocols — SingularityNET, Fetch.ai, and Ocean Protocol — proposed a token merger scheduled for a community vote, which opened on April 2. Together, the three would create the ‘Superintelligence Alliance’, with ticker $ASI, aiming to be the largest independent player in AI research and development.
What’s Ahead
🇬🇧 UK ETNs In the Works
The London Stock Exchange will roll out a market for Bitcoin and Ether exchange-traded notes (ETNs) on May 28. It will start accepting applications from April 8, and approvals are subject to the Financial Conduct Authority.
Number of the Week
Chart of the Week
BTC increased more than 270% between August 30, 2023, and March 31, 2024.
In the current cycle, it took BTC approximately 25 months (Jan. 2022 to Feb. 2024) to transition from bear to bull market. This is shorter than the 2020-21 cycle, when it took approximately 34 months for the bear-bull transition (Feb. 2018 to Nov. 2020).
Crypto Trivia
What will the block reward for mining Bitcoin be after the halving this month?
A. 6.25 BTC
B. 3.125 BTC
C. 12.5 BTC
NFT Spotlight
This highly anticipated drop is bound to make wine and spirits enthusiasts thirsty!
InterCellar, the leading Web3 marketplace for wines and spirits, and Viña VIK, widely acclaimed as one of the world’s best vineyards, have released their first-ever NFT collection, available exclusively at Crypto.com NFT.
The collection will offer 500 wine bottles paired with NFTs. Purchasers will not only be eligible to redeem the physical bottle backing its NFT after the mint, but also enjoy secure bottle storage in the InterCellar warehouse, plus a vineyard tour and wine tasting at Viña VIK.
Four NFT owners will also have the opportunity to wine-and-dine with Alexander Vik, owner of Viña VIK.
The drop is scheduled for April 11 — exclusively at Crypto.com NFT.
Get in the spirit(s). Or go InterCellar.
Product Picks
Potentially Profit in a Shorter Time With 5-Minute Strike Options [US ONLY]
5-minute Strike Options for Bitcoin (BTC) and Ether (ETH) are now available through the Crypto.com App! Users can potentially profit even faster. 5-minute Strike Options contracts offer the same payouts as longer durations, enabling you to potentially profit more within the same time period. Try it now.
Card Welcome Pack Promotion Extended, and Now Includes Samsung gear!
We’re extending our Crypto.com Visa Card welcome promotion for another 27 days! Now, you stand to receive either free Apple or Samsung gear when you upgrade your Crypto.com Visa Card tier and meet the CRO Net Buy requirement. The higher the Card tier, the higher your reimbursement amount! Upgrade now or learn more in our FAQ.
Create an Exclusive Moca ID for Free in DeFi Wallet
We’re thrilled to announce a new collaboration between the Crypto.com DeFi Wallet and Mocaverse! All DeFi Wallet app users can now create a Moca ID for free. The Moca ID allows users to explore the Mocaverse and participate in missions to earn exclusive rewards. There are only a limited number of Moca IDs available, so don’t miss out! Find out how you can get yours here.
Crypto.com App New Token Listings
mfercoin (MFER)
mfercoin is a meme coin on the Base Chain created by sartoshi. Holders are able to use MFER to purchase and own sartoshi’s NFT art, MFERS.
Degen (DEGEN)
Degen Chain is a specialized Layer-3 (L3) blockchain built for the DEGEN token, which now serves as the native token for Degen Chain, helping to support network operations and community engagement.
Wormhole (W)
Wormhole is a cross-chain message-passing protocol that powers cross-chain applications and token bridges at scale. W serves as the governance token of Wormhole and will be launched as a native Solana SPL token, later to be expanded to support the native ERC-20 token standard.
Ethena (ENA)
Ethena is a synthetic dollar protocol built on the Ethereum blockchain. It provides a crypto-native solution that does not depend on traditional banking infrastructure. ENA serves as the governance token within the Ethena ecosystem.
Crypto Level Up
What Are Seed Phrases for Cryptocurrency Wallets?
A seed phrase, or recovery phrase, is the master key to your cryptocurrency wallet, acting as a safety net in case the device it’s on gets stolen, lost, or damaged.
How Does It Safeguard Your Holdings?
A seed phrase consists of a 12/24-word sequence as a secure and reliable method to restore access to your assets. Think of it as the backup to your private key.
How to Store Your Seed Phrase
Write down your seed phrase and store the note securely in an offline location. You might also want to create multiple copies in case the original is misplaced.
Learn all about seed phrases and their importance.
CryptoIRL
The Lion does have a rather big sweet tooth no matter the time of year, based on its recent travels. Here, the Crypto.com Icy White Visa Card enjoys ice cream with @croshouf.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Security Tips
Milady Founder Loses ETH and NFTs in Security Breach
Krishna Okhandiar, the founder of NFT project ‘Milady’ and DAO ‘Remilia’, lost approximately 850 ETH worth of NFTs and ETH combined. Hackers stole the assets from the Remilia treasury before sending them to a drainer wallet. Okhandiar stated that the breach was the result of malware that affected his password manager.
Here’s How to Keep Your Password Manager Application Safe:
1. When you’re creating a master password for your password manager, use a passphrase instead. Think of it as a much shorter recovery phrase for your cryptocurrency wallet, minus the spaces.
2. Enable multi-factor authentication (MFA) to access your password manager. Ideally, this should consist of an SMS OTP and 2FA code from an authenticator app.
3. Turn on biometric authentication for your password manager’s mobile app. This prevents bad actors from accessing your data if you lose your smartphone or tablet.
Crypto Trivia Answer
B. The 2024 halving will reduce the mining reward to 3.125 BTC.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
